NEW YORK, July 23, 2013 LawFuel.com – Class Action News Wire — The Rosen Law Firm, P.A. announces that a class action lawsuit has been filed on behalf of purchasers of lululemon athletica inc. (“lululemon” or the “Company”) (Nasdaq:LULU) stock during the period between March 21, 2013 and June 10, 2013, inclusive, seeking to recover damages for violations of the federal securities laws.
To join the lululemon class action, visit the firm’s website at http://www.rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, toll-free, at 866-767-3653; you may also email at [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the suit, lululemon materially misstated and/or failed to disclose that (i) product defects in the Luon yoga pants shipped on March 1, 2013 were due in part from the Company’s attempts to increase profit margins by reducing costs to the detriment of product quality and brand reputation; (ii) the Company was forced to sell its products at a discount in order to obtain sales and preserve market share; and (iii) there was meaningful discussions concerning the potential replacement of the Company’s CEO, Christine McCormick Day. When these adverse facts were disclosed, the price of the Company’s stock dropped, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than September 3, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at [email protected] or [email protected] You may also visit the firm’s website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.